€500m secured for Metro North from European Investment Bank

monument

€500m secured for Metro North from European Investment Bank... so, if Metro North is going to cost 4-5 billion, it isn't that much, but if it costs the lesser amounts as mentioned around these parts without a source (think it was +/- 2 billion), then are they getting places?

From the Department of Transport:

Press release 11 May 2010

Dempsey welcomes European Investment Bank approval for Metro North

The Minister for Transport Noel Dempsey TD today welcomed the decision by the European Investment Bank Board (representing the 27 European Union member states) to accept the recommendation of its Management Committee to approve a loan of up to €500million for Metro North.

Speaking today, Minister Dempsey said: "This decision is an important signal of confidence in this priority public transport project for Dublin. Metro North is now well on track for delivery in 2016. The oral hearing before An Bord Pleanala on the railway order application for Metro North, concluded in March this year. The An Bord Pleanala decision is anticipated this summer. "

In addition, the Railway Procurement Agency has short-listed two PPP consortia under the PPP procurement process and will continue work with a view towards financial close in 2011.

Mr. Plutarchos Sakellaris, European Investment Bank Vice President responsible for Ireland said: "The Metro North project represents a significant contribution to sustainable urban transport in the greater Dublin area and will be the backbone for a future integrated public transport network in the Irish capital. The European Investment Bank looks forward to working closely with the Irish authorities and the bidders involved in the Dublin Metro project."

Minister Dempsey concluded: "European Investment Bank support for infrastructure projects in Ireland (especially in the current difficult global economic climate) is very much appreciated.

This current approval also demonstrates a recognition that the projects supported to date have all been substantial projects which have, and will contribute to economic development in Ireland. It is very welcome news indeed. "

ENDS

Notes for Editors

This project involves the design, construction and maintenance of Metro North, a light metro system serving an 18.8km northern corridor from Dublin city centre to Fingal county, via Dublin Airport (17 stations, 21 trains to be acquired).

The Metro North project is designed to be the backbone of a future integrated public transport network in the Dublin region, as envisaged in the Dublin Development Plan 2011-2017. It will interchange with existing at-grade tramway LUAS lines, with the DART (Dublin Area Rapid Transit), and with suburban rail services.

Under the PPP, the Railway Procurement Agency (RPA) will appoint an infrastructure contractor to design, build, finance and maintain the Metro. The RPA will separately appoint an operator for the project and the operation element of the project is not included in the European Investment Bank defined project.

Ham'nd'egger

As I understand it, the funding was to come from several sources so it's expected that some lenders will only be asked for smaller amounts.

AlekSmart

We live in interesting times indeed....and now we find the man in charge of Irish dealings with the European Investment Bank is a Greek !!!!

Mr. Plutarchos Sakellaris, European Investment Bank Vice President responsible for Ireland

Tee Hee Ted is`nt that a cracker....we lend Greece €1.3 Billion and Holy God we immediately get €500 Million back to build a Metro.....:)

Beware the Greeks who come bearing gifts

strassenwo!f

Mr. Plutarchos Sakellaris wrote:

The Metro North project represents a significant contribution to sustainable urban transport in the greater Dublin area and will be the backbone for a future integrated public transport network in the Irish capital.

I thought the interconnector was supposed to be the backbone of the network.

Cookie_Monster

With €1bn cuts being looked for from Capital budgets this morning this may very well disappear again anyway

schemingbohemia

Cookie_Monster wrote: »

With €2bn cuts being looked for from Capital budgets this morning this may very well disappear again anyway

It's €1bn in Capital cuts not €2bn and as stated here
http://www.independent.ie/national-news/ministers-told-to-identify-euro3bn-cuts-in-four-weeks-2176169.html

"Although the budget for capital spending on one-off infrastructure projects is targeted for a €1bn cut, sources say that deflation has already saved a significant amount of money on projects."

enda1

Also its supposed to be a public-private partnership, so I guess the private side will have to foot their portion.

Anyone got an idea of the ratio?

Would'a been nice to have gotten this up an going as a damper to the sudden drop in construction and therefore construction related jobs. Could have given us that "soft landing" we so desperately needed.

Anyone know the number of workers that would be involved on the construction side (then also in support services/industries)?

Zebra3

strassenwo!f wrote: »

I thought the interconnector was supposed to be the backbone of the network.

Nope, the extension to Cherrywood is.

Cookie_Monster

Zebra3 wrote: »

Nope, the extension to Cherrywood is.

will be (eventually)
:D

dowlingm

strassenwo!f wrote: »

I thought the interconnector was supposed to be the backbone of the network.

Ssssh!!!!! Keep it on the quiet! :D:D

monument

From the RPA:

Two Major Boosts for Metro North

RPA welcomes the announcement yesterday by the Minister for Transport Noel Dempsey TD of the decision by the European Investment Bank to approve a loan of up to €500million for Metro North. Construction of the enabling works for Metro North moved a step closer today with the release of the first major tender package for the diversion of utilities in the city centre at Saint Stephen’s Green.

These are both significant milestones for the project, speaking today, Frank Allen, RPA Chief Executive, said
“Major projects such as Metro North are all about meeting key milestones, RPA shortlisted two bidders last year, completed the oral hearing for the project in March this year and is now in detailed discussions with the two shortlisted bidders with a view to being able to conclude matters as quickly as possible when the Railway Order is granted. We expect this to be at the end of July as indicated by An Bord Pleanála. Commencing the enabling works procurement and the EIB decision to support the project provides RPA with the momentum needed to be ready to start construction in earnest early next year.”

RPA remains confident that the project can be delivered within the timescales set out in the renewed Programme for Government with construction completed by the end of 2016.

The two bidders, who have mobilised teams of Irish and international metro designers and construction specialists to finalise their proposals for the final stage of the Metro North PPP procurement are:

Celtic Metro Group (Barclays Private Equity, Obrascon Huarte Lain, Mitsui, Soares da Costa, Iridium Concesiones de Infraestructuras S.A., CAF and MTR).

MetroExpress (Macquarie Capital, Global Via Infraestructuras, AIB Bank, Bombardier and Transdev RATP)

Metro North will provide an important stimulus to the Irish economy and will provide much needed employment for construction industry workers who have suffered severely during the downturn. The project is expected to create at least 4,000 direct construction jobs and thousands more indirect jobs. The consortium that will be selected to build Metro North is expected to include both Irish and international contractors and much of the work will involve local workers, contractors, and professional service firms. Other sectors of the regional economy are likely to benefit such as those in the construction material supplying industry. There will also be secondary spin off impacts due to the expenditure of wages in the local economy by the construction workforce. Sectors which will benefit include accommodation and lunch and evening meal providers etc.

Metro North will address a significant deficit in public transport infrastructure in north Dublin city and in Fingal. It will facilitate development in the corridor which is forecast by Fingal County Council to generate thousands of additional jobs and significantly increase the existing level of economic activity and employment in the area. It is crucial to the continued regeneration of Ballymun and it is vital that Dublin, like every other major city in Europe, has a fast and reliable rail link to its international airport.

For further information contact Tom Manning, PR Manager, RPA on 087 410 0199.

Ends.

gurramok

Have they started already? :eek:

Who are IGSL?(googling says 'ground investigation company' http://igsl.ie/ ) I don't see their name in the tender list. Pic is near entrance to the Garden of Rememberance

noelfirl

I would assume that it's just similar geological/services surveying like the stuff they've done before on Stephens Green and at some point on O'Connell Street. The day you see a TBM being rolled into the city will be the day proper construction starts, and even being as insanely optmistic as to think that the Metro is a done deal, that's at least a year or more away.

DWCommuter

gurramok wrote: »

Have they started already? :eek:

Who are IGSL?(googling says 'ground investigation company' http://igsl.ie/ ) I don't see their name in the tender list. Pic is near entrance to the Garden of Rememberance

Same company did similar work for IE re the interconnector years and years and years ago. Still no TBM in the ground.:D

gurramok

DWCommuter wrote: »

Same company did similar work for IE re the interconnector years and years and years ago. Still no TBM in the ground.:D

Its good publicity though to get into peoples mind the project is underway